Net annual value of self residence house is Rs. 1,00,000. The interest paid on loan taken for construction of house is Rs. 50,000 will be income from house?
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The value arrived at after deducting the municipal taxes, if any, may be referred to as the Net Annual Value (Annual value as per Income-tax Act). From such net annual value, deductions as permissible u/s 24(a) & (b) are allowed and the balance is the income under the head 'Income from house property'.
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